ETHE vs. BTCC

Last updated Jun 4, 2026

ETHE (Grayscale Ethereum Trust ETF) and BTCC (Grayscale Bitcoin Covered Call ETF) are both Cryptocurrency funds from Grayscale. ETHE is passively managed, while BTCC is actively managed. Over the past year, ETHE returned -32.48% vs -33.54% for BTCC. A 0.78 correlation means they provide meaningful diversification when combined. ETHE charges 2.50%/yr vs 0.66%/yr for BTCC.

Performance

ETHE vs. BTCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and Grayscale Bitcoin Covered Call ETF (BTCC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHE achieves a -39.63% return, which is significantly lower than BTCC's -20.81% return.

ETHE

• 1D: -5.64%
• 1M: -23.64%
• YTD: -39.63%
• 6M: -42.89%
• 1Y: -32.48%
• 3Y*: 19.37%
• 5Y*: -11.60%
• 10Y*: —

BTCC

• 1D: -2.53%
• 1M: -15.87%
• YTD: -20.81%
• 6M: -22.94%
• 1Y: -33.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETHE vs. BTCC - Yearly Performance Comparison

	2026 (YTD)	2025
ETHE Grayscale Ethereum Trust ETF	-39.63%	52.89%
BTCC Grayscale Bitcoin Covered Call ETF	-20.81%	-6.34%

Correlation

The correlation between ETHE and BTCC is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.78

The correlation between ETHE and BTCC has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

ETHE vs. BTCC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 4
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 4
ETHE Martin Ratio Rank: 5

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETHE vs. BTCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Grayscale Bitcoin Covered Call ETF (BTCC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ETHE	BTCC	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	-1.02	+0.54
Sortino ratio: Return per unit of downside risk	-0.34	-1.34	+1.00
Omega ratio: Gain probability vs. loss probability	0.96	0.82	+0.14
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.76	+0.24
Martin ratio: Return relative to average drawdown	-0.86	-1.47	+0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHE vs. BTCC - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.48, which is higher than the BTCC Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of ETHE and BTCC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETHE	BTCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-1.02	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	-0.72	+0.78

Drawdowns

ETHE vs. BTCC - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than BTCC's maximum drawdown of -44.40%. Use the drawdown chart below to compare losses from any high point for ETHE and BTCC.

Drawdown Indicators

	ETHE	BTCC	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-44.40%	-51.86%
Max Drawdown (1Y) Largest decline over 1 year	-63.16%	-44.40%	-18.76%
Max Drawdown (3Y) Largest decline over 3 years	-66.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-77.17%	-39.44%	-37.73%
Average Drawdown Average peak-to-trough decline	-72.23%	-15.57%	-56.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.98%	22.87%	+15.11%

Volatility

ETHE vs. BTCC - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 9.87% compared to Grayscale Bitcoin Covered Call ETF (BTCC) at 8.70%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than BTCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	BTCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.87%	8.70%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	46.00%	27.70%	+18.30%
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	32.92%	+35.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.26%	31.68%	+50.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.84%	31.68%	+160.16%

ETHE vs. BTCC - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than BTCC's 0.66% expense ratio.

Dividends

ETHE vs. BTCC - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.35%, less than BTCC's 105.03% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	105.03%	63.86%
ETHE Grayscale Ethereum Trust ETF	1.35%	0.00%

Frequently Asked Questions

Can I hold both ETHE and BTCC in my portfolio?

ETHE and BTCC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHE or BTCC?

ETHE has higher volatility (9.87%) compared to BTCC (8.70%). In terms of maximum drawdown, ETHE dropped -96.26% vs BTCC's -44.40%.

Which ETF is better, ETHE or BTCC?

On 1-year performance, ETHE leads with -32.48% vs -33.54% for BTCC. On fees, BTCC is cheaper at 0.66% per year. On volatility, BTCC has been the lower-risk option at 8.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or BTCC?

Over the 1-year period, ETHE has performed better with a -32.48% return vs -33.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or BTCC?

BTCC is cheaper with a 0.66% expense ratio, compared with 2.50% for ETHE.

Which ETF pays a higher dividend yield, ETHE or BTCC?

BTCC has the higher dividend yield at 105.03%, compared with 1.35% for ETHE.

What is the main difference between ETHE and BTCC?

Their fees differ too: 2.50% for ETHE and 0.66% for BTCC.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.48 vs -1.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.